v3.25.1
Segment Information
 3 Months Ended
May 03, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has a single operating and reportable segment. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis. The Company derives its subscription revenue from customers that leverage the Company’s Connected Operations Platform, which consists of a data platform and set of applications to consolidate data from their physical operations into a single, integrated solution. Amounts derived from subscription and other revenue are summarized in Note 7, “Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations.”
The accounting policies of the operating segment are the same as those described in Note 2, “Summary of Significant Accounting Policies.”
The CODM makes operating decisions, assesses financial performance, and allocates resources based on consolidated operating income (loss) and consolidated net income (loss) as reported on the Company’s condensed consolidated statements of operations and comprehensive loss. These financial metrics are used by the CODM to monitor budget versus actual results. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.
The table below presents selected financial information for the Company’s single operating segment for the three months ended May 3, 2025 and May 4, 2024 (in thousands):
Three Months Ended
May 3, 2025May 4, 2024
Revenue$366,884 $280,726 
Cost of revenue (1) (2)
24,443 22,955 
Research and development (1)
56,222 49,574 
Sales and marketing (1) (3)
123,447 114,271 
General and administrative (1)
45,064 37,853 
Stock-based compensation expense77,079 64,656 
Amortization of IoT device costs33,380 28,550 
Cloud and cellular infrastructure costs22,099 14,190 
Sales commissions18,405 14,674 
Segment operating loss$(33,255)$(65,997)
Interest income and other income, net (4)
12,723 10,084 
Provision for income taxes1,589 376 
Segment net loss$(22,121)$(56,289)
__________
(1)These segment expenses exclude stock-based compensation expense, which is presented separately as an additional significant segment expense.
(2)Cost of revenue also excludes amortization of IoT device costs and cloud and cellular infrastructure costs, which are presented separately as additional significant segment expenses.
(3)Sales and marketing also excludes sales commissions, which is presented separately as an additional significant segment expense.
(4)This includes interest income of $11.2 million and $10.4 million for the three months ended May 3, 2025 and May 4, 2024, respectively.
See the condensed consolidated financial statements for other financial information regarding the Company’s operating segment, including depreciation and amortization expense.
Revenue by Geographic Area
The following table presents the Company’s revenue disaggregated by geography, based on the location of the Company’s customers (in thousands):
Three Months Ended
May 3, 2025May 4, 2024
United States$316,992 $243,020 
Other (1)
49,892 37,706 
Total revenue$366,884 $280,726 
__________
(1)No individual country other than the United States exceeded 10% of the Company’s total revenue for any period presented.
Long-Lived Assets, Net, by Geographic Area
The following table presents the Company’s long-lived assets, net, disaggregated by geography, which consist of property and equipment, net, and operating lease ROU assets (in thousands):
As of
May 3, 2025February 1, 2025
United States$119,335 $118,808 
Other (1)
10,554 4,207 
Total long-lived assets, net$129,889 $123,015 
__________
(1)No individual country other than the United States exceeded 10% of the Company’s total long-lived assets, net, for any period presented.